Biden announces economic team, confirms Janet Yellen as Treasury nominee
Biden and his transition team announced on Monday several nominees and appointments for the incoming administration’s top economic posts
The transition team confirmed CNBC’s earlier report that former Fed Chair Janet Yellen would be Biden’s official nominee for Treasury secretary
In prepared remarks, Biden said, “As we get to figure to regulate the virus, this is often the team which will deliver immediate economic relief for the American people
President-elect Joe Biden and his transition team announced on Monday several nominees and appointments for the incoming administration’s top economic posts
The transition team confirmed CNBC’s earlier report that former Federal Reserve System Chair Janet Yellen would be Biden’s official nominee for Treasury secretary. If confirmed by the Senate, Yellen would be the primary woman to function the department’s leader in its 231-year history.
As a part of an equivalent announcement, Biden nominated Neera Tanden to function director of the Office of Management and Budget. If confirmed, Tanden would be the primary woman of color to steer the OMB
In prepared remarks, Biden said, “As we get to figure to regulate the virus, this is often the team which will deliver immediate economic relief for the American people during this depression and help us build our economy back better than ever.”
“They will work tirelessly to make sure every American enjoys a good return for his or her work and an equal chance to urge ahead, which our businesses can thrive and outcompete the remainder of the planet he added
Following the transition team’s announcement, Yellen took to Twitter to explain the critical state of the U.S. economy
“We face great challenges as a rustic immediately . To recover, we must restore the American Dream — a society where everyone can rise to their potential and dream even bigger for his or her children,” she wrote. “As Treasury Secretary, i will be able to work a day towards rebuilding that dream for all
Macroeconomic and national security advisor Wally Adeyemo was nominated to function deputy secretary of the Treasury. He previously served because the chief of staff at the buyer Financial Protection Bureau, the deputy director of the National Economic Council and deputy national security advisor
If confirmed, Adeyemo would be the primary African American deputy secretary of the Treasury
“I think the primary thing to mention is they’re all experienced and qualified,” Michael Feroli, chief U.S. economist at JPMorgan, said of Biden’s picks in an email. “In most cases they're going to need little learning curve and may do their jobs from day one.”
“Of course they lean left, but these aren't radicals,” he added. “We won’t be talking about MMT or other heterodox or untried approaches to economic policymaking
otably absent from the Biden team’s announcement was clarification on who is to function the director of the National Economic Council. The director of the NEC is usually considered a sitting president’s top economic adviso
Multiple outlets have reported that BlackRock executive Brian Deese is that the top contender for the role. Larry Kudlow is that the current director of President Donald Trump’s NEC
The Biden team nominated Cecilia Rouse, one among the nation’s top labor economists, to function chair of the Council of Economic Advisers. If confirmed, the Princeton dean will become the primary African American and therefore the fourth woman to steer the CEA in its 74 years of its existence
The Council of Economic Advisers is usually alittle team of experts who offer the president advice and possible directions for policy during a setting almost like a think factory . Their advice tends to run more academic compared with government-wide initiatives pursued by the NEC
The transition also tapped Jared Bernstein, who served as Biden’s chief economist during the Obama administration, to serve on the CEA.
As a longtime Biden advisor and labor economist, Bernstein was widely expected to serve on either the CEA or the NEC
Heather Boushey, an inequality economist and co-founder of the Washington Center for Equitable Growth, was also tapped to serve on the CEA
“My life’s work has been centered on ensuring our families and work are properly valued within our economy,” Boushey wrote on Twitter after the announcement. “I’m excited to bring that perspective as a CEA member. we've a chance to rethink how we invest in people, and that we got to seize it as we rebuild our economy